China’s parliament has revised the nation’s postal law in a move that will ban foreign delivery companies from handling domestic express mail, state press reported yesterday.
The revised law was passed by the National’s People’s Congress on Friday despite opposition from express delivery giants including DHL, FedEx, TNT and UPS, the China Daily reported.
The newly amended law that goes into effect on Oct. 1 bans foreign companies from delivering express letters within China, the newspaper said.
But foreign delivery companies with operations in China will be permitted to deliver express packages domestically, as well as express letters internationally, it said.
Legislators insisted the new law complied with China’s WTO committments, it said.
The Conference of Asia Pacific Express Carriers (CAPEC), which represents the four global giants and lobbied against the amendment, called for an “open and level playing field” in the sector.
The provision would “erode the competitiveness of foreign invested firms against their domestic counterparts in the wider express market,” the China Daily quoted a CAPEC statement as saying.
“CAPEC regrets that the newly enacted China Postal Law excludes foreign business from entering a segment of the domestic market,” it said.
Express delievery is big business in China, accounting for about 43 percent of 96 billion yuan (US$14 billion) in revenue in the nation’s postal system last year, the report said.
Semiconductor business between Taiwan and the US is a “win-win” model for both sides given the high level of complementarity, the government said yesterday responding to tariff threats from US President Donald Trump. Home to the world’s largest contract chipmaker, Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), Taiwan is a key link in the global technology supply chain for companies such as Apple Inc and Nvidia Corp. Trump said on Monday he plans to impose tariffs on imported chips, pharmaceuticals and steel in an effort to get the producers to make them in the US. “Taiwan and the US semiconductor and other technology industries
SMALL AND EFFICIENT: The Chinese AI app’s initial success has spurred worries in the US that its tech giants’ massive AI spending needs re-evaluation, a market strategist said Chinese artificial intelligence (AI) start-up DeepSeek’s (深度求索) eponymous AI assistant rocketed to the top of Apple Inc’s iPhone download charts, stirring doubts in Silicon Valley about the strength of the US’ technological dominance. The app’s underlying AI model is widely seen as competitive with OpenAI and Meta Platforms Inc’s latest. Its claim that it cost much less to train and develop triggered share moves across Asia’s supply chain. Chinese tech firms linked to DeepSeek, such as Iflytek Co (科大訊飛), surged yesterday, while chipmaking tool makers like Advantest Corp slumped on the potential threat to demand for Nvidia Corp’s AI accelerators. US stock
The US Federal Reserve is expected to announce a pause in rate cuts on Wednesday, as policymakers look to continue tackling inflation under close and vocal scrutiny from US President Donald Trump. The Fed cut its key lending rate by a full percentage point in the final four months of last year and indicated it would move more cautiously going forward amid an uptick in inflation away from its long-term target of 2 percent. “I think they will do nothing, and I think they should do nothing,” Federal Reserve Bank of St Louis former president Jim Bullard said. “I think the
‘LASER-FOCUSED’: Trump pledged tariffs on specific sectors, including semiconductors, pharmaceuticals, steel, copper and aluminum, and perhaps even cars US President Donald Trump said he wants to enact across-the-board tariffs that are “much bigger” than 2.5 percent, the latest in a string of signals that he is preparing widespread levies to reshape US supply chains. “I have it in my mind what it’s going to be but I won’t be setting it yet, but it’ll be enough to protect our country,” Trump told reporters on Monday night. Asked about a report that incoming US Secretary of the Treasury Scott Bessent favored starting with a global rate of 2.5 percent, Trump said he did not think Bessent supported that and would not
RSS